JAMMU, Sept 8: A delegation of Bari Brahmana Industries Association under the leadership of its president Lalit Mahajan met the Finance Minister Dr Haseeb Drabu and Principal Secretary Finance, Navin Kumar Choudhary and discussed their issues with regard to industrial package at Srinagar today.
Mahajan, who was accompanied by Ajay Langer, general secretary and Ajit Bawa president, Kathua Industrial Unit Association interacted with Dr Drabu in presence of Navin Choudhary in his office chamber and discussed the extension of State package of fiscal incentives to J&K Industrial units under GST regime.
During the course of discussions with Finance Minister, president highlighted the various problems being faced by the Industrial units due to delay in the issuance notifications for the Extension of State package of incentives under GST regime due to which uncertainty has prevailed in the mind of Industrial units of J&K who are totally dependent on the sale of their products within the State.
Mahajan also highlighted that while going through the package of incentives announced by Govt of India, it was observed that the incentives was granted only to those units who were getting Central Excise benefits prior to the GST for their residual period up to 31-3-2027 where as no incentives were given to existing units, and the units who in the process of substantial expansion and new units.
It is pertinent to mention here that prior to GST regime, thousands of Small Scale Units of the State did not avail the Excise Duty Incentives due to Excise exemption upto Rs 1.50 crore but under the GST regime the exemption is limited to only Rs 20 lakh resulting great resentments amongst the SSI Units who are not brought into the ambit of GST as the Central package of Incentive announced.
Finance Minister gave a patient hearing to the issues raised by BBIA and assured the delegation that State Govt will issue its notifications in respect of State package of incentives to Industrial units under GST regime after the issuance of notification for extension of Central package of incentives by Govt of India. Drabu said that he has already taken up this issue with the Central Govt.